Which of the Following Statements Is True Regarding the International

question 45

Multiple Choice

Which of the following statements is true regarding the International Accounting Standards Board (IASB) ?

• A) The IASB is a regulatory agency with enforcement powers for its International Financial Reporting Standards (IFRS).
• B) The IASB is a public organization, funded by taxpayer dollars from member countries.
• C) Is comprised of 13 members.
• D) All of the choices are correct regarding the IASB.

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Definitions:

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the expected variable overhead based on standard cost rates.

Direct Labor-hours

The aggregate of hours expended by staff members actively participating in the manufacturing process, utilized to assign labor charges to various products.

Variable Overhead Efficiency Variance

This variance measures the difference between the actual hours taken to produce a good and the standard hours expected, multiplied by the variable overhead rate per hour.

Variable Overhead

Costs that vary in direct proportion to changes in the operational activity of a business, such as utility bills or raw material costs.